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Robbie Is Using Dolphins as Collateral

June 26, 1986|Associated Press

Miami Dolphin owner Joe Robbie has put up his team, its NFL franchise rights and even the players' equipment as collateral for a loan, financial records reveal.

The amount and purpose of the loan are not specified in the public documents filed by CenTrust Savings Bank of Miami. A spokesmen for the Dolphins also refused to reveal the amount or purpose of the loan.

"It's nothing new that the Miami Dolphins are co-venturing with banks to do business," Dolphin spokesman Joe Abrell told The Miami News.

Abrell wouldn't say whether the money will be used to help finance the $100 million Dolphins Stadium Robbie is building in northern Dade County.

Robbie initially financed the stadium construction with $90 million in bonds issued by Citibank of New York and Marine Midland Bank of Buffalo through the Dade Industrial Bond Authority. He also has raised money through the sale of sky boxes and club seats in the new 73,000-seat stadium, which is under construction and scheduled to open in 1987.

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